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Frasers Group makes cash offer for MySale

Sophie Smith
17 August 2022

Frasers Group has made a cash offer to acquire the entire issued ordinary share capital of Australia-based MySale Group, at a price of 2p per MySale share.

The offer values the entire issued share capital of MySale, which is not currently held by Frasers Group at approximately £13.6 million.

Frasers Group said the offer of 2p is “final” and will not be increased, emphasising however that it reserves the right to increase the offer price if the business receives any additional third-party offers.

On 29 June 2022, Frasers Group acquired 270,666,650 MySale shares and, together with the contracts already held, it increased its stake to 28.7% and became its largest shareholder.

Since the disclosure of Frasers Group's acquisition of this further stake, the market price of MySale Shares has increased.

Frasers Group hopes the offer will help to accelerate its global growth strategy, enhance its operational capabilities and offering to consumers and provide a platform to further explore opportunities for investment in retail opportunities in Australia and the surrounding regions.

In a statement, Frasers Group said it has "extensive ambitions to grow its business outside of the UK and is exploring the potential for further international expansion through acquisitions, joint ventures and organic openings".

As at 30 June 2021, MySale had approximately 529,300 active customers, 1.5 million subscribed users, eight million app downloads and 1.25 million stock keeping units listed on its platform.

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